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Luxury & Affluent Consumer

Luxury sells scarcity and heritage rather than utility, which lets prices rise faster than costs. Demand concentrates in a narrow band of very wealthy customers and in a few travelling nationalities.

40 stocks

# Name Holding Trade Value Theme
Stocks
% of
Portfolio
Status
26
Bank of America
Bank of America
North Carolina
$447M -$6.96M 13 0.1% Reduced
27
Deutsche Bank
Deutsche Bank
Germany
$444M -$3.72M 14 0.36% Reduced
28
Brown Advisory
Brown Advisory
Maryland
$435M -$39.1M 6 1.55% Reduced
29
Ameriprise
Ameriprise
Minnesota
$422M -$11M 11 0.23% Reduced
30
Dimensional Fund Advisors
Dimensional Fund Advisors
Texas
$419M +$82.9M 14 0.21% Increased
31
Capital World Investors
Capital World Investors
California
$407M +$196M 2 0.1% Increased
32
AQR Capital Management
AQR Capital Management
Connecticut
$397M +$71.6M 10 0.55% Increased
33
ABI
Abrams Bison Investments
Maryland
$373M -$50M 1 38.34% Reduced
34
APG Asset Management
APG Asset Management
Netherlands
$364M +$60.4M 6 0.68% Increased
35
Lazard Asset Management
Lazard Asset Management
New York
$351M -$11M 3 0.72% Reduced
36
Janus Henderson Investors US
Janus Henderson Investors US
Colorado
$339M +$47.5M 7 0.29% Increased
37
UBS AM
UBS AM
Illinois
$309M -$81.9M 8 0.35% Reduced
38
Jennison Associates
Jennison Associates
New York
$286M -$28.6M 3 0.32% Reduced
39
SAM
Southeastern Asset Management
Tennessee
$283M +$33.6M 1 2.73% Increased
40
Legal & General Group
Legal & General Group
United Kingdom
$283M +$64.9M 12 0.26% Increased
41
Schroder Investment Management Group
Schroder Investment Management Group
United Kingdom
$281M -$50.7M 7 0.54% Reduced
42
Guggenheim Capital
Guggenheim Capital
Illinois
$280M +$69.7M 9 0.8% Increased
43
Fundsmith LLP
Fundsmith LLP
United Kingdom
$277M +$13M 1 3.65% Increased
44
AKO Capital
AKO Capital
United Kingdom
$275M +$261M 2 35.26% New
45
Corvex Management
Corvex Management
New York
$274M -$352M 1 4.69% Reduced
46
VOYA Investment Management
VOYA Investment Management
Georgia
$274M -$113M 11 0.65% Reduced
47
GRQ
Gardner Russo & Quinn
Pennsylvania
$272M -$3.01M 3 2.3% Reduced
48
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
$267M -$27.4M 15 0.14% Reduced
49
BP
BBR Partners
New York
$246M +$708K 2 42.46% Increased
50
Charles Schwab
Charles Schwab
California
$244M +$40.8M 12 0.27% Increased